WASHINGTON, D.C. – December 5, 2013 – (RealEstateRama) — A new set of reports from Joseph A. Smith, Jr., the Monitor of the National Mortgage Settlement, shows that the nation’s largest mortgage servicers failed to meet 7 metrics in the most recent reporting period, 5 of which were mentioned in his previous reports.

Following the issuance of these reports, HUD Secretary Shaun Donovan released the following statement:

“The Independent Monitor’s on-going work is playing a vital role in our work to reform the servicing industry and hold it accountable for how they treat homeowners. While today’s report shows the National Mortgage Settlement’s compliance structure is identifying abuses and rectifying problems for consumers, it’s clear that these financial institutions still need to improve in a number of areas. In particular, the banks must do a better job sending notices and communicating with struggling homeowners in a timely manner. In the next set of reports we expect that they will have rectified these problems or they will face severe penalties.”

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HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all.
HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the
need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build
inclusive and sustainable communities free from discrimination; and transform the way HUD does business.
More information about HUD and its programs is available on the Internet at www.hud.gov and
http://espanol.hud.gov. You can also follow HUD on twitter @HUDGov, on facebook at
www.facebook.com/HUD, or sign up for news alerts on HUD’s Email List.

U.S. Department of Housing and Urban Development (HUD) is the nation’s housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development, and enforces the nation’s fair housing laws.

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